Morning Report

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The EUR/JPY pair is still trapped within a very tight range but the negative crossover appearing on Stochastic argues us to say that, the bigger daily picture is still bearish, based on of our suggestedCDleg for theAB=CDpattern that might continueto the downside on the intraday and short term basis.

Trading range for today is among key support at 128.90 and key resistance now at 134.15.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support131.40130.95130.05129.40128.90
Resistance132.00132.50133.15133.60134.15
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 131.85 targeting 130.05 and stop loss above 133.15 might be appropriate.